Carrying out a credit buy-back can involve several risks which it is better to be aware of before getting started. So that you are well informed, we present to you the major pitfalls that you may encounter when you perform a credit consolidation.
Choose the financial organization to buy back your credits
First, learn about banks and credit organizations to choose the financial institution that will buy your credits. If you only want to redeem your home loan, contact several banks, in addition to your own, and use recognized credit buy comparators.
If you wish to reschedule several credits, contact several financial institutions to find out if they are able to carry out a reorganization of your credits. If they refuse, use a credit restructuring broker, but don’t settle anything until you get your loan. Also be aware that brokerage fees or renegotiation fees can be negotiated. And to negotiate, you need to present several proposals and thus compete.
Take the time to study, without rushing
Regarding the various offers that are made to you, take the time to study them well, without haste. In order for it to be successful, the repurchase of credit must be optimized. It is important not only to look at the monthly payment and the loan rate: take note of the total cost of the loan consolidation. You must carefully balance your transaction between the cost of your new loan and the lower monthly payments you want.
The profession of intermediary in banking operations (BIO) is subject to regulations. A good professional should be able to advise you well and create a file for you that best meets your needs and expectations when it comes to buying credits.
You must be careful about the amount of costs involved in the loan repurchase: they should not be higher than the savings you want to make thanks to a lower rate.
Also pay attention to the counter-proposal from your bank holding your credit. She will no doubt be tempted to offer you an offer to buy a variable rate loan so as not to lose too much compared to your current loan. And be aware that competing banking establishments will be willing to do more if you transfer your bank account to them.
By going through an intermediary in banking operations, you will be offered more flexible offers, without having to make a change of direct debit.
As you have no doubt understood, a loan repurchase must go through the competition of financial organizations. It is essential for you that you compare the different credit buyout offers on the market.